What if you are out of the loop of financial inclusion due to bad or lousy credit? Perhaps, due to the past problems that occurred such as foreclosure, you no longer have a credit card or a checking account. Even if those credit lines were cut, you can still be part of a financial world because of the new payment instruments provided by online payments. Digital cash opens up a completely new world of possibilities such as your being able to use an e-wallet or by using cryptocurrency.
The inevitable bills
We all have bills to pay and on these bills is a due date. At times, paying for the bills a bit late incurs no payment transaction fees nor penalties. However, there are circumstances such as that for loan payments that make it necessary for us to make a bills payment transaction on time.
When we make a loan such as that for a vehicle or a property, there is a contract. In these kinds of contracts, it is usually stipulated that failure to pay has severe repercussions. The problems that might occur because of failing to make a payment transaction for the loan on or before the due date include penalties, late fees, and even foreclosure.
During the earlier part of 2020, the pandemic made a lot of those who were renting unable to pay. Since there was movement control, many people were unable to go to work. In certain countries such as the US, there were moratoriums for rentals but when it got lifted, hundreds of people suffered from eviction.
The health crisis made millions of people need to go on lockdown. For those who were unable to work, it was impossible to pay for bills such as that of their rent and loans. For those who could afford to pay, many were able to do so by using their mobile devices to make an online payment.
Avoiding late payment
When all is well, there are hardly any companies that will cut some slack when the bills are not paid. These companies do not listen to reasons as it focuses on numbers. The incoming payment transaction has to be on time. If you miss the due date by one minute, any late fees or penalties will be imposed. If you have the funds, to avoid making a late payment, it is possible to pay online but it is best not to wait until the very last minute to do so. Trying to beat the clock is not advisable, as if there is the capacity to pay, things should be settled right away
In the financial world, there are payment transaction records that are kept and these aid in building a good reputation. To be able to take out a loan, one must be able to show that they have a good credit score. Though there are loans available for those who have bad or lousy credit, it is preferable to have financial inclusion by using a popular advance payment solution.